BRANDON, FL, Oct. 6, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Circle K, (top right photo) a 2,852-square foot C-Store with a gasoline station, located in Brandon, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.The asset commanded a sales price of $1,100,000 (a 5.8 percent cap rate) at $318 psf, based on higher rent expectations than current rents.
Ron Schultz, an investment specialist in Marcus & Millichap’s Tampa office marketed the property on behalf of the seller, a private investor based out of North Carolina. The buyer, a Limited Liability Co. (LLC), based out of Tampa, was represented by Jaimin Patel, an investment specialist in Marcus & Millichap’s Tampa office.
“This Circle K’s original 20-year lease was nearing its expiration date and the seller was either looking to re-tenant with a C-Store operator, or endure the expense and time needed to change use”, says Schultz.
“This Circle K’s original 20-year lease was nearing its expiration date and the seller was either looking to re-tenant with a C-Store operator, or endure the expense and time needed to change use”, says Schultz.
Circle K is located at 2104 Brandon Boulevard in Brandon
Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa(813) 387-4700
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